Gold and silver prices continue to be remarkably flat, but there are several technical signals in the charts of both metals now suggesting a bearish downturn is imminent. This downturn could bring gold down close to $1800 and silver close to $21. If this happens, we could see those bottoms within our next strong reversal zone for all markets coming up Nov. 5 - 19 (this is a wide reversal with pivot points around Nov. 10 and Nov. 16). This could turn out to be an ideal spot to buy, so we will watch for it. We are staying on the sidelines of both metals for now.
Crude oil has been falling with the broad stock market. Although crude is in a new medium-term cycle that started with the double bottom lows of Sept. 8 and Oct. 2 at $37 (Dec. contract chart), it may have peaked early with last week's high of $41.90 (or even the Sept.18 high of $42.02) and could be turning bearish. If prices start to fall below $37, that bearish scenario will be confirmed, and we may have to switch to a short-selling trade strategy. Any rally now that can break clearly above $42 will negate this bearish view and turn the trend bullish again. For now, we will remain on the sidelines of crude.